Systems and methods for aiding tax compliance
The present disclosure is directed towards systems and methods for aiding compliance with tax collection and reporting obligations. Distributed ledgers may assist with the verified calculation of taxes owed through the use of identity wallets and cryptocurrency transactions may be employed to effectuate payment to sellers as well as payment of taxes owed to the appropriate tax authorities. Verification of identity sources and of tax calculation and transmission engines may reduce compliance obligations on the part of sellers.
1. A system for calculating and remitting tax obligations, the system comprising at least one processor, the system in communication with a consumer device and a point of sale system to improve functioning of the consumer device and point of sale system using distributed ledger technology, wherein the system is configured to:
receive, via the at least one processor, a first identification of an item to be purchased via the point of sale system;
in response to an electronic interface of the point of sale system being accessed by the consumer device, generate an identification verification request configured for presentation via the electronic interface of the point of sale system;
receive, from the consumer device, an access authorization for digital data associated with a consumer identifier related to the consumer device in response to the identification verification request;
receive, via the at least one processor and in response to the access authorization received from the consumer device, a second identification of an identity wallet configured as a distributed ledger repository for the digital data associated with the consumer identifier related to the consumer device, the identity wallet being verified by a government or an agent thereof, and the digital data associated with the identity wallet being distributed via one or more network nodes of a network;
using the second identification of the identity wallet, query, via the network and the at least one processor, the identity wallet to obtain at least a portion of the digital data associated with the identity wallet based on a distributed ledger protocol configured for the distributed ledger repository;
using at least the portion of the digital data associated with the identity wallet, together with the first identification of the item to be purchased, calculate tax data associated with the item to be purchased and determine a taxing authority identifier for the tax data;
based on the first identification of the item to be purchased, initiate a first cryptocurrency transaction to transfer a purchase price of the item to the point of sale system associated with the item via the network; and
initiate a second cryptocurrency transaction to transfer the tax data to a tax reserve system associated with the taxing authority identifier via the network,
wherein the first cryptocurrency transaction and the second cryptocurrency transaction improve efficiency of network interactions with respect to the consumer device and point of sale system.
2. The system of claim 1 , wherein the second cryptocurrency transaction is recorded in a smart contract on a distributed ledger.
3. The system of claim 1 , wherein the one or more network nodes are associated with a distributed ledger.
4. The system of claim 1 , wherein the system is further configured to obtain verified information related to a seller identifier associated with the point of sale system from a different identity wallet associated with the seller identifier, wherein the calculation of the tax data is further based on the verified information obtained from the different identity wallet.
5. The system of claim 1 , wherein the system is further configured to present the tax data via the consumer device, and to proceed with the first cryptocurrency transaction and the second cryptocurrency transaction in response to a consent indication being received from the consumer device.
6. The system of claim 1 , wherein the second cryptocurrency transaction records, in addition to the transfer of tax data, the consumer identifier and a seller identifier associated with the point of sale system involved in the second cryptocurrency transaction.
7. The system of claim 1 , wherein the tax reserve system is configured with a predetermined reserve threshold and any tax transferred to the tax reserve in excess of the predetermined reserve threshold is transferred to one or more other tax reserve systems associated with the tax authority identifier.
8. The system of claim 1 , wherein the system is further configured to:
receive an item return request from the consumer device indicating a returned item and an identification of the second cryptocurrency transactions initiated in connection with an initial purchase of the item; and
initiate a third cryptocurrency transaction with the tax reserve system including the identification of the second cryptocurrency transaction and a different identification of the returned item to transfer at least a portion of the tax data transferred via the second cryptocurrency transaction that is attributable to the returned item back from the tax reserve.